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Economy surges 4.9 % in the third-quarter
GDP, U.S. Economy
The U.S. Gross domestic product continued to grow at very solid pace during the July-through-September period, as private domestic investments and foreign demand for American products pick up.
In the third-quarter Gross domestic product soared by 4.9 % to $27,624 billions, an increase from $27,063 billions in the second-quarter on the seasonally adjusted basis, reported by the Commerce Department. Exports and investments grew above averge in the third-quarter.
A slew of recent economic data point to continued economic strength during the third-quarter, Economists continue to debate whether the economy could maintain its current pace of growth. The first estimate of GDP will be revised twice before it becomes final. The advance report includes estimates for trade and inventory growth. U.S. Gross National Product grew by 2.9 % over the past 12 months, as consumer spending, investments and exports play major role in the advance. |
Investments soared by 8.40 % to $4,899 billions and accelerated on the seasonally adjusted basis, reported by the Commerce Department.
Stronger inventory buildup from July-through-September, added 1.28 percentage point to growth.
Economists expect companies to cut back on inventories in the October-through-December quarter. As a result, GDP growth is expected to slow.
Government spending soared by 4.60 %, federal spending rose 6.20 %, including an 8.00 % rise in national defense spending. Government spending on national defense accounts for 3.65 % of total nation's output and 21.11 % of total government spending.
• More on U.S. Real Gross Domestic Product
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Contributions
to Percent Change in Real GDP |
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2.69% |
1.47% |
0.79% |
0.54% |
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Note |
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The government provides three estimates of economic growth per quarter, with each reflecting more complete information than the last.
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International Trade |
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Diversified |
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Exports also turned in another solid performance, rising 6.20 % compared to -9.30 % in the third-quarter. Domestic manufacturers have led the U.S. growth in large part by boosting exports.
U.S. growth would have been even faster if imports, which subtract from GDP, hadn't increased sharply: Imports rose 5.70 % from -7.60 % in the third-quarter.
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In the third-quarter consumer spending grew by 4.0 %
With estimated annual rate of $18,734 billions, seasonally adjusted in the second-quarter, consumer spending accounts for 69.22 % of economic activity on the seasonally adjusted basis, led by growing demand for financial services.
Spending on U.S. made Goods increased by 3.3 %, where consumption of Durable Goods grew by 7.6 %, helped by improving consumption of other durable goods.
The bright spot of consumer spending was the increasing demand for nondurable goods, by 3.6 %, was helped by improving consumption gasoline and other energy goods, up 4.23 %.
Sevice sector grew more than in previous quarter and faster than gross national product, spending on service increased by 4.8 %, led by growing demand for financial services. Consumer spending for services accounts for 67.89% of total speding and 46.2% of total GDP.
Final sales for domestic product, considered a measure of domestic demand because it excludes inventories and trade, jumped at a 3.5 % rate in the third-quarter after rising 2.1 % in the second-quarter.
• Relation of U.S. GDP, U.S. GNP
• Corporate Profits by Industry
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Quarters seasonally adjusted
(At annual rates Q / Q, in %) |
III Quarter
2023
adv. |
II Quarter
2023
final |
I Quarter
2023
adv. |
IV Quarter
2022
final |
III Quarter
2022
rev. |
II Quarter
2022
adv. |
| Gross domestic product (GDP) |
|
4.9 % |
2.1 % |
2 % |
2.6 % |
2.6 % |
-0.6 % |
|
Personal consumption expenditures |
|
4 % |
0.8 % |
4.2 % |
1 % |
1.4 % |
2 % |
| Goods |
|
3.3 % |
0.9 % |
0.5 % |
0.6 % |
-1.4 % |
-2.5 % |
| Durable goods |
|
7.6 % |
-0.3 % |
16.3 % |
-1.3 % |
-0.8 % |
-2.8 % |
| Nondurable goods |
|
3.6 % |
1 % |
3.2 % |
1.6 % |
2.8 % |
4.6 % |
| Services
|
|
4.8 % |
0.5 % |
6 % |
-0.1 % |
-1.2 % |
-2.6 % |
| |
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Gross private domestic investment |
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8.4 % |
5.2 % |
-11.9 % |
4.5 % |
-8.5 % |
-14.1 % |
| Fixed investment |
|
0.8 % |
5.2 % |
-0.4 % |
-3.8 % |
-4.9 % |
-5 % |
| Nonresidential |
|
-0.1 % |
7.4 % |
0.6 % |
4 % |
3.7 % |
0.1 % |
| Structures |
|
1.6 % |
16.1 % |
15.8 % |
15.8 % |
-15.3 % |
-12.7 % |
| Equipment &
software |
|
-3.8 % |
7.7 % |
-8.9 % |
-3.5 % |
10.8 % |
-2 % |
| Residential |
|
3.9 % |
-2.2 % |
-4 % |
-25.1 % |
-26.4 % |
-17.8 % |
| Change in private
inventories |
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- % |
- % |
- % |
- % |
- % |
- % |
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Net exports of goods and services |
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| Exports
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6.2 % |
-9.3 % |
7.8 % |
-3.7 % |
14.4 % |
13.8 % |
| Goods |
|
7.5 % |
-16 % |
12.3 % |
-7.4 % |
17.2 % |
15.5 % |
| Services |
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3.7 % |
6.2 % |
-1.3 % |
5 % |
8.3 % |
9.9 % |
| Imports
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5.7 % |
-7.6 % |
2 % |
-5.5 % |
-6.9 % |
2.2 % |
| Goods |
|
5.9 % |
-6.5 % |
2.3 % |
-5.9 % |
-8.7 % |
-0.4 % |
| Services |
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4.8 % |
-12.2 % |
0.4 % |
-3.7 % |
2.3 % |
16.6 % |
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| Govt. consumption exp.
& gross investment |
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4.6 % |
3.3 % |
5 % |
3.8 % |
2.4 % |
-1.6 % |
| Federal |
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6.2 % |
1.1 % |
6 % |
5.8 % |
3.7 % |
-3.4 % |
| National defense |
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8 % |
2.3 % |
2.5 % |
2.3 % |
4.7 % |
1.4 % |
| Nondefense |
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3.9 % |
-0.4 % |
10.5 % |
10.6 % |
2.3 % |
-9.2 % |
| State & local |
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3.7 % |
4.7 % |
4.4 % |
2.6 % |
1.7 % |
-0.6 % |
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| Addenda: |
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| Final sales of domestic product |
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3.5 % |
2.1 % |
4.2 % |
1.1 % |
3.3 % |
1.3 % |
| Gross domestic purchases |
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4.8 % |
2 % |
1.4 % |
2.1 % |
-0.2 % |
-1.6 % |
| Final sales to domestic
purchasers |
|
3.5 % |
2 % |
3.5 % |
0.7 % |
0.5 % |
0.2 % |
| Gross national product
(GNP) |
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- % |
2.3 % |
1.6 % |
2.4 % |
- % |
-0.3 % |
| Disposable personal income |
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-1 % |
3.5 % |
8.5 % |
5 % |
1.7 % |
-1.5 % |
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| Current-dollar measures: |
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| GDP |
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8.5 % |
3.8 % |
6.1 % |
6.6 % |
6.7 % |
8.5 % |
| Final sales of domestic product |
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7.2 % |
3.9 % |
8.6 % |
5.1 % |
7.5 % |
10.5 % |
| Gross domestic purchases |
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6.7 % |
3.4 % |
7.5 % |
4.4 % |
5.1 % |
8.7 % |
| Final sales to domestic purchasers |
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6.1 % |
3.7 % |
7.6 % |
3.8 % |
5 % |
8.5 % |
| GNP |
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- % |
4 % |
5.7 % |
6.4 % |
- % |
8.7 % |
| Disposable personal income |
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1.9 % |
6.1 % |
12.9 % |
8.9 % |
6 % |
5.7 % |
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Quarters seasonally adjusted
(Quarterly Y / Y, in %) |
III Quarter
2023
adv. |
II Quarter
2023
final |
I Quarter
2023
adv. |
IV Quarter
2022
final |
III Quarter
2022
rev. |
II Quarter
2022
adv. |
| Gross domestic product (GDP) |
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2.9 % |
2.4 % |
1.8 % |
0.9 % |
1.8 % |
1.8 % |
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Personal consumption expenditures |
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2.4 % |
1.8 % |
2.4 % |
1.7 % |
2 % |
2.4 % |
| Goods |
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1.3 % |
0.1 % |
-0.4 % |
-1.6 % |
-1.9 % |
-1.1 % |
| Durable goods |
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4.9 % |
3.2 % |
2.6 % |
0.6 % |
2.2 % |
-3.7 % |
| Nondurable goods |
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2.4 % |
2.2 % |
3.3 % |
3 % |
3.2 % |
4.8 % |
| Services
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2.6 % |
1.2 % |
0.7 % |
-0.8 % |
-0.4 % |
-2.1 % |
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Gross private domestic investment |
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1.8 % |
-2.2 % |
-8.1 % |
-3.8 % |
2.3 % |
7.2 % |
| Fixed investment |
|
0.8 % |
-0.5 % |
-3.2 % |
-2 % |
-1.2 % |
-0.2 % |
| Nonresidential |
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3.7 % |
4.9 % |
2.7 % |
4.5 % |
3.2 % |
2.4 % |
| Structures |
|
13.1 % |
12.3 % |
3 % |
-1.7 % |
-11.4 % |
-9.2 % |
| Equipment &
software |
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-1.4 % |
0.9 % |
-1.2 % |
3.9 % |
5.3 % |
2 % |
| Residential |
|
-7.8 % |
-15.4 % |
-19 % |
-18.8 % |
-12.7 % |
-7.2 % |
| Change in private
inventories |
|
- % |
- % |
- % |
- % |
- % |
- % |
| |
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Net exports of goods and services |
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| Exports
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-0.2 % |
2.1 % |
7.9 % |
4.6 % |
11.3 % |
7.3 % |
| Goods |
|
-1.3 % |
1.7 % |
9.1 % |
4 % |
11.6 % |
6.3 % |
| Services |
|
2.3 % |
2.6 % |
5.2 % |
6 % |
10.6 % |
9.6 % |
| Imports
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-1.4 % |
-3.9 % |
-2.3 % |
1.5 % |
7.5 % |
11.2 % |
| Goods |
|
-0.9 % |
-4.1 % |
-3.2 % |
0.8 % |
7 % |
9.5 % |
| Services |
|
-3.3 % |
-2.6 % |
2.8 % |
5 % |
10.4 % |
20.5 % |
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| Govt. consumption exp.
& gross investment |
|
4.5 % |
4.1 % |
2.7 % |
0.9 % |
-0.6 % |
-1.3 % |
| Federal |
|
5.5 % |
4.3 % |
3 % |
0.1 % |
-1.3 % |
-4 % |
| National defense |
|
4.9 % |
2.9 % |
2.7 % |
-0.2 % |
-2 % |
-3.9 % |
| Nondefense |
|
6.3 % |
6.1 % |
3.2 % |
0.4 % |
-0.3 % |
-4.1 % |
| State & local |
|
3.9 % |
4 % |
2.5 % |
1.3 % |
-0.2 % |
0.5 % |
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| Addenda: |
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| Final sales of domestic product |
|
2.8 % |
2.7 % |
2.8 % |
1.3 % |
1.2 % |
0.5 % |
| Gross domestic purchases |
|
2.7 % |
1.5 % |
0.5 % |
0.5 % |
1.6 % |
2.5 % |
| Final sales to domestic
purchasers |
|
2.8 % |
2.7 % |
2.8 % |
1.3 % |
1.2 % |
0.5 % |
| Gross national product
(GNP) |
|
- % |
2.2 % |
1.5 % |
0.7 % |
- % |
2 % |
| Disposable personal income |
|
3.8 % |
5 % |
2.9 % |
-1.4 % |
-3.9 % |
-5.5 % |
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| Current-dollar measures: |
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| GDP |
|
- % |
- % |
- % |
- % |
- % |
- % |
| Final sales of domestic product |
|
- % |
- % |
- % |
- % |
- % |
- % |
| Gross domestic purchases |
|
- % |
- % |
- % |
- % |
- % |
- % |
| Final sales to domestic purchasers |
|
- % |
- % |
- % |
- % |
- % |
- % |
| GNP |
|
- % |
- % |
- % |
- % |
- % |
- % |
| Disposable personal income |
|
- % |
- % |
- % |
- % |
- % |
- % |
| |
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U.S. Real Gross Domestic Product and Related Measures
GDP, U.S. Economy in Billions of U.S. dollars
Quarters seasonally adjusted
(At annual rates, in Billions of Dollars) |
III Q. 2023
adv. |
II Q. 2023
rev. |
I Q. 2023
adv. |
IV Q. 2022
final |
III Q. 2022
rev. |
II Q. 2022
adv. |
| Gross domestic product
(GDP) |
|
27,623.5 |
27,063.0 |
26,529.8 |
26,138.0 |
25,723.9 |
25,248.5 |
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Personal consumption expenditures |
|
18,734.3 |
18,419.0 |
18,113.1 |
17,749.9 |
17,542.7 |
17,261.3 |
| Goods |
|
6,230.0 |
6,144.7 |
6,079.0 |
5,980.0 |
5,988.6 |
5,953.6 |
| Durable
goods |
|
2,209.2 |
2,193.6 |
2,258.9 |
2,180.4 |
2,195.8 |
2,181.8 |
| Motor vehicles & parts |
|
769.4 |
772.7 |
776.4 |
717.8 |
713.1 |
724.5 |
| Furniture & household equipment |
|
480.6 |
475.4 |
533.2 |
528.0 |
532.8 |
525.1 |
| Other |
|
271.3 |
269.1 |
297.0 |
289.7 |
294.5 |
291.7 |
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| Nondurable goods |
|
4,020.8 |
3,951.1 |
3,820.1 |
3,799.6 |
3,792.7 |
3,771.9 |
| Food off-premises consumption |
|
1,448.5 |
1,434.1 |
1,318.2 |
1,311.5 |
1,289.9 |
1,260.4 |
| Clothing
& shoes |
|
521.2 |
511.4 |
501.2 |
497.8 |
498.9 |
488.6 |
| Gasoline,
fuel, oil & other energy goods |
|
476.0 |
456.7 |
443.1 |
463.6 |
492.3 |
541.0 |
| Other |
|
1,575.2 |
1,549.0 |
1,557.6 |
1,526.8 |
1,511.7 |
1,481.9 |
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| Services |
|
12,504.3 |
12,274.4 |
12,034.1 |
11,769.9 |
11,554.1 |
11,307.7 |
| Housing |
|
11,953.0 |
11,730.1 |
11,498.0 |
11,234.5 |
11,015.6 |
10,779.2 |
| Food services |
|
1,372.9 |
1,347.1 |
1,352.3 |
1,312.1 |
1,277.4 |
1,247.0 |
| Electricity & gas |
|
3,313.6 |
3,243.8 |
3,160.1 |
3,104.5 |
3,027.3 |
2,958.4 |
| Financial services |
|
1,368.7 |
1,316.7 |
1,352.6 |
1,327.7 |
1,320.9 |
1,309.1 |
| Transportation |
|
607.7 |
597.8 |
583.2 |
570.5 |
560.6 |
551.6 |
| Medical
care |
|
3,012.3 |
2,972.9 |
2,879.6 |
2,802.6 |
2,742.8 |
2,684.8 |
| Recreation |
|
720.8 |
709.3 |
661.1 |
638.3 |
622.0 |
610.3 |
| Other |
|
1,556.8 |
1,542.5 |
1,509.0 |
1,478.7 |
1,464.5 |
1,418.0 |
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Gross private domestic investment |
|
4,899.3 |
4,780.3 |
4,569.2 |
4,669.8 |
4,579.1 |
4,609.9 |
| Fixed investment |
|
4,794.2 |
4,761.7 |
4,557.2 |
4,508.0 |
4,508.2 |
4,464.6 |
| Nonresidential |
|
3,718.0 |
3,709.1 |
3,533.6 |
3,467.5 |
3,403.4 |
3,292.2 |
| Structures |
|
832.1 |
832.5 |
732.7 |
691.9 |
654.8 |
631.2 |
| Equipment & software |
|
1,384.4 |
1,390.4 |
1,353.4 |
1,360.1 |
1,352.0 |
1,299.5 |
| Information processing equipment & software |
|
452.0 |
457.8 |
434.8 |
439.1 |
469.1 |
458.5 |
| Computers & peripheral equipment |
|
112.3 |
112.4 |
120.0 |
116.4 |
114.6 |
108.7 |
| Software |
|
638.0 |
633.6 |
601.6 |
585.6 |
579.3 |
558.9 |
| Other |
|
751.2 |
740.2 |
725.9 |
713.4 |
702.7 |
693.9 |
| Industrial equipment |
|
307.1 |
308.6 |
327.5 |
319.5 |
313.3 |
318.7 |
| Transportation equipment |
|
306.2 |
302.7 |
294.9 |
301.1 |
269.4 |
224.0 |
| Other equipment |
|
319.1 |
321.2 |
296.2 |
300.5 |
300.2 |
298.3 |
| Residential |
|
1,076.2 |
1,052.6 |
1,023.6 |
1,040.5 |
1,104.8 |
1,172.4 |
| |
|
|
|
|
|
|
|
| Change
in private inventories |
|
105.2 |
18.6 |
12.0 |
161.8 |
70.9 |
145.4 |
| Farm |
|
4.6 |
2.0 |
-0.5 |
-7.4 |
-12.1 |
-9.5 |
| Nonfarm |
|
100.6 |
16.6 |
12.5 |
169.2 |
83.0 |
154.9 |
| |
|
|
|
|
|
|
|
| Net
exports of goods & services |
|
-784.6 |
-806.1 |
-802.3 |
-857.1 |
-890.8 |
-1,035.6 |
| Exports |
|
3,036.9 |
2,961.8 |
3,046.2 |
2,988.3 |
3,065.0 |
3,038.8 |
| Goods |
|
2,025.9 |
1,968.6 |
2,083.8 |
2,040.0 |
2,141.2 |
2,134.7 |
| Services |
|
1,010.9 |
993.2 |
962.5 |
948.3 |
923.8 |
904.2 |
| |
|
|
|
|
|
|
|
| Imports |
|
3,821.4 |
3,767.9 |
3,848.5 |
3,845.4 |
3,955.8 |
4,074.4 |
| Goods |
|
3,108.7 |
3,058.0 |
3,150.3 |
3,155.0 |
3,269.7 |
3,394.8 |
| Services |
|
712.7 |
709.8 |
698.3 |
690.4 |
686.1 |
679.6 |
| |
|
|
|
|
|
|
|
| Govt. consumption exp. & investment |
|
4,774.5 |
4,669.8 |
4,649.8 |
4,575.4 |
4,493.0 |
4,412.8 |
| Federal |
|
1,790.2 |
1,744.3 |
1,732.1 |
1,693.8 |
1,657.1 |
1,622.7 |
|
National defense |
|
1,008.1 |
978.9 |
959.2 |
947.4 |
935.3 |
918.3 |
|
Consumption expenditures |
|
788.1 |
764.9 |
765.8 |
751.4 |
743.1 |
726.5 |
|
Gross investment |
|
220.0 |
214.0 |
193.4 |
196.0 |
192.2 |
191.8 |
|
Nondefense |
|
782.1 |
776.5 |
772.9 |
746.4 |
721.8 |
653.1 |
|
Consumption expenditures |
|
556.1 |
542.3 |
574.8 |
554.5 |
535.1 |
521.8 |
|
Gross investment |
|
226.0 |
223.2 |
198.1 |
191.9 |
186.7 |
182.6 |
| State and local |
|
521.2 |
2,925.5 |
501.2 |
2,881.6 |
2,836.0 |
2,790.0 |
| Consumption
expenditures |
|
2,434.7 |
2,388.3 |
2,396.6 |
2,378.2 |
2,346.0 |
2,325.6 |
| Gross
investment |
|
549.6 |
537.2 |
521.1 |
503.4 |
490.0 |
464.5 |
| |
|
|
|
|
|
|
|
| Addenda: |
|
|
|
|
|
|
|
| Final sales of domestic product |
|
27,518.4 |
27,044.5 |
26,517.7 |
25,976.2 |
25,653.0 |
25,103.1 |
| Gross domestic purchases |
|
28,408.1 |
27,869.1 |
27,332.1 |
26,995.1 |
26,614.8 |
26,284.0 |
| Final sales to domestic purchasers |
|
28,303.0 |
27,850.5 |
27,320.1 |
26,833.3 |
26,543.9 |
26,138.7 |
| Gross national product |
|
- |
27,236.1 |
26,654.0 |
26,289.5 |
25,885.4 |
25,456.4 |
| Net domestic product |
|
23,004.6 |
22,506.0 |
22,023.4 |
21,712.9 |
21,365.8 |
21,006.4 |
Annual U.S. Real Gross Domestic Product and Related Measures
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Quarters seasonally adjusted
(At annual rates Q / Q, in %) |
2022
|
2021
|
2020
|
2019
|
2018
|
2017
|
| Gross domestic product (GDP) |
|
1.9 % |
5.9 % |
-3.4 % |
2.2 % |
2.9 % |
2.2 % |
|
Personal consumption expenditures |
|
2.5 % |
8.3 % |
-3.8 % |
2.4 % |
2.6 % |
2.5 % |
| Goods |
|
0.6 % |
8.8 % |
3.1 % |
3.1 % |
2.8 % |
2.1 % |
| Durable goods |
|
0.3 % |
12.2 % |
4.6 % |
3.7 % |
3.7 % |
3.7 % |
| Nondurable goods |
|
3.7 % |
6.3 % |
-7.5 % |
1.8 % |
2.1 % |
2 % |
| Services
|
|
4.8 % |
9 % |
-5.5 % |
1.7 % |
5.9 % |
4.8 % |
| |
|
|
|
|
|
|
|
Gross private domestic investment |
|
-0.3 % |
18.5 % |
7.7 % |
4.8 % |
5.5 % |
6.8 % |
| Fixed investment |
|
5.2 % |
6.4 % |
-5.3 % |
2.9 % |
6.9 % |
5.3 % |
| Nonresidential |
|
-2.1 % |
-6.4 % |
-12.5 % |
-0.6 % |
5 % |
4.6 % |
| Structures |
|
5.2 % |
10.3 % |
-8.3 % |
2.1 % |
7.4 % |
6.1 % |
| Equipment &
software |
|
9.1 % |
9.7 % |
2.8 % |
6.4 % |
7.5 % |
4.6 % |
| Residential |
|
-9 % |
10.7 % |
6.8 % |
-1.7 % |
-0.3 % |
3.3 % |
| Change in private
inventories |
|
- % |
- % |
- % |
- % |
- % |
- % |
| |
|
|
|
|
|
|
|
Net exports of goods and services |
|
|
|
|
|
|
| Exports
|
|
7 % |
6.1 % |
-13.6 % |
-0.1 % |
4 % |
3 % |
| Goods |
|
5.8 % |
7.4 % |
-10.2 % |
-0.1 % |
4.7 % |
3.3 % |
| Services |
|
9.6 % |
3.3 % |
-19.8 % |
-0.1 % |
2.6 % |
2.5 % |
| Imports
|
|
8.6 % |
14.1 % |
-8.9 % |
1.1 % |
4.5 % |
4.6 % |
| Goods |
|
6.8 % |
14.5 % |
-5.6 % |
0.5 % |
4.8 % |
4.6 % |
| Services |
|
17.5 % |
12.3 % |
-22.6 % |
3.7 % |
3.3 % |
4.4 % |
| |
|
|
|
|
|
|
| Govt. consumption exp.
& gross investment |
|
-0.9 % |
0.6 % |
2.5 % |
2.3 % |
1.5 % |
-0.1 % |
| Federal |
|
-2.8 % |
2.3 % |
5 % |
4 % |
2.6 % |
0.7 % |
| National defense |
|
-2.8 % |
-1.2 % |
2.9 % |
5.6 % |
3.4 % |
0.7 % |
| Nondefense |
|
-2.9 % |
7.3 % |
8.1 % |
1.8 % |
1.5 % |
0.8 % |
| State & local |
|
0.2 % |
-0.5 % |
0.9 % |
1.3 % |
0.8 % |
-0.5 % |
| |
|
|
|
|
|
|
| Addenda: |
|
|
|
|
|
|
| Final sales of domestic product |
|
1.3 % |
5.7 % |
-2.9 % |
2.2 % |
2.7 % |
2.2 % |
| Gross domestic purchases |
|
2.3 % |
7 % |
-3 % |
2.3 % |
3 % |
2.5 % |
| Final sales to domestic
purchasers |
|
1.7 % |
6.7 % |
-2.5 % |
2.3 % |
2.9 % |
2.5 % |
| Gross national product
(GNP) |
|
1.9 % |
5.7 % |
-3.6 % |
2 % |
2.9 % |
2.3 % |
| Disposable personal income |
|
-5.9 % |
1.8 % |
6.2 % |
2.2 % |
2.9 % |
2.6 % |
| |
|
|
|
|
|
|
| Current-dollar measures: |
|
|
|
|
|
|
| GDP |
|
9.1 % |
10.7 % |
-2.2 % |
4 % |
5.2 % |
4.2 % |
| Final sales of domestic product |
|
8.5 % |
10.5 % |
-1.6 % |
4 % |
5 % |
4.2 % |
| Gross domestic purchases |
|
9.3 % |
11.5 % |
-1.9 % |
3.9 % |
5.3 % |
4.2 % |
| Final sales to domestic purchasers |
|
8.7 % |
11.3 % |
-1.3 % |
3.9 % |
5.1 % |
4.8 % |
| GNP |
|
9 % |
10.5 % |
-2.4 % |
3.9 % |
5.2 % |
4.3 % |
| Disposable personal income |
|
0.2 % |
5.9 % |
7.5 % |
3.7 % |
5 % |
4.4 % |
| |
|
|
|
|
|
|
Annual U.S. GDP
(In Billions of Dollars) |
2022
|
2021
|
2020
|
2019
|
2018
|
2017
|
| Gross domestic product
(GDP) |
|
25,744.1 |
23,315.1 |
20,893.7 |
21,433.2 |
21,427.1 |
20,580.2 |
|
Personal consumption expenditures |
|
17,511.7 |
15,902.6 |
14,047.6 |
14,544.6 |
14,561.2 |
13,998.7 |
| Goods |
|
5,997.0 |
5,496.5 |
4,653.8 |
4,512.2 |
4,505.3 |
4,364.8 |
| Durable
goods |
|
2,128.9 |
2,060.2 |
1,616.4 |
1,534.4 |
1,526.6 |
1,475.6 |
| Motor vehicles & parts |
|
730.8 |
688.7 |
541.3 |
521.8 |
531.2 |
521.5 |
| Furniture & household equipment |
|
477.4 |
495.0 |
390.4 |
357.4 |
353.7 |
341.2 |
| Other |
|
265.2 |
272.6 |
208.5 |
221.7 |
224.1 |
218.3 |
| |
|
|
|
|
|
|
|
| Nondurable goods |
|
3,868.1 |
3,436.3 |
3,037.4 |
2,977.9 |
2,978.6 |
2,889.2 |
| Food off-premises consumption |
|
1,393.5 |
1,205.0 |
1,146.7 |
1,025.7 |
1,032.4 |
1,003.4 |
| Clothing
& shoes |
|
500.7 |
461.3 |
362.4 |
403.5 |
398.9 |
391.5 |
| Gasoline,
fuel, oil & other energy goods |
|
510.1 |
369.4 |
246.8 |
335.4 |
338.0 |
349.6 |
| Other |
|
1,463.8 |
1,400.5 |
1,281.5 |
1,213.3 |
1,209.3 |
1,144.6 |
| |
|
|
|
|
|
|
|
| Services |
|
11,514.7 |
10,406.1 |
9,393.7 |
10,032.4 |
10,055.9 |
9,633.9 |
| Housing |
|
10,982.6 |
9,940.5 |
8,872.9 |
9,593.2 |
9,606.6 |
9,190.9 |
| Food services |
|
1,237.2 |
1,060.9 |
801.5 |
999.5 |
1,019.2 |
973.3 |
| Electricity & gas |
|
3,053.3 |
2,775.4 |
2,668.1 |
2,681.2 |
2,670.2 |
2,567.2 |
| Financial services |
|
1,252.5 |
1,275.0 |
1,196.3 |
1,176.1 |
1,156.1 |
1,111.0 |
| Transportation |
|
562.2 |
444.1 |
363.4 |
483.4 |
478.1 |
462.2 |
| Medical
care |
|
2,776.7 |
2,583.5 |
2,308.4 |
2,450.8 |
2,467.9 |
2,352.6 |
| Recreation |
|
654.9 |
528.5 |
416.5 |
580.4 |
586.9 |
563.2 |
| Other |
|
1,445.8 |
1,273.2 |
1,118.5 |
1,221.8 |
1,228.4 |
1,161.3 |
| |
|
|
|
|
|
|
|
|
Gross private domestic investment |
|
4,756.6 |
4,113.5 |
3,637.8 |
3,751.2 |
3,744.2 |
3,628.3 |
| Fixed investment |
|
4,599.3 |
4,132.6 |
3,697.4 |
3,702.1 |
3,675.9 |
3,573.6 |
| Nonresidential |
|
3,433.0 |
3,025.0 |
2,799.6 |
2,895.0 |
2,878.4 |
2,786.9 |
| Structures |
|
700.5 |
598.2 |
597.2 |
650.2 |
626.6 |
633.2 |
| Equipment & software |
|
1,327.2 |
1,194.0 |
1,123.9 |
1,241.0 |
1,240.9 |
1,222.6 |
| Information processing equipment & software |
|
479.3 |
426.7 |
413.9 |
397.2 |
412.7 |
408.6 |
| Computers & peripheral equipment |
|
104.1 |
90.5 |
87.4 |
90.7 |
93.0 |
89.4 |
| Software |
|
598.1 |
512.4 |
453.4 |
411.2 |
414.5 |
380.0 |
| Other |
|
703.1 |
629.8 |
537.7 |
501.9 |
503.4 |
461.7 |
| Industrial equipment |
|
300.0 |
277.3 |
241.7 |
260.9 |
252.5 |
245.9 |
| Transportation equipment |
|
232.0 |
224.5 |
206.0 |
310.3 |
301.6 |
301.8 |
| Other equipment |
|
315.9 |
265.5 |
262.3 |
272.5 |
274.1 |
266.3 |
| Residential |
|
1,166.4 |
1,107.6 |
897.8 |
807.1 |
797.5 |
786.7 |
| |
|
|
|
|
|
|
|
| Change
in private inventories |
|
157.3 |
-19.1 |
-59.6 |
49.1 |
68.3 |
54.7 |
| Farm |
|
-19.5 |
-3.0 |
-6.0 |
-14.5 |
-7.6 |
-7.8 |
| Nonfarm |
|
176.8 |
-16.1 |
-53.6 |
63.6 |
75.8 |
62.5 |
| |
|
|
|
|
|
|
|
| Net
exports of goods & services |
|
-971.1 |
-861.7 |
-651.2 |
-610.5 |
-631.7 |
-638.2 |
| Exports |
|
2,995.0 |
2,539.6 |
2,123.4 |
2,514.8 |
2,504.2 |
2,510.3 |
| Goods |
|
2,063.2 |
1,741.5 |
1,416.6 |
1,636.7 |
1,643.8 |
1,661.3 |
| Services |
|
931.8 |
798.2 |
706.8 |
878.0 |
860.4 |
848.9 |
| |
|
|
|
|
|
|
|
| Imports |
|
3,966.2 |
3,401.4 |
2,774.6 |
3,125.2 |
3,136.0 |
3,148.5 |
| Goods |
|
3,262.4 |
2,844.7 |
2,309.2 |
2,525.6 |
2,530.1 |
2,570.6 |
| Services |
|
703.8 |
556.7 |
465.4 |
599.6 |
605.9 |
577.9 |
| |
|
|
|
|
|
|
|
| Govt. consumption exp. & investment |
|
4,446.8 |
4,160.7 |
3,859.5 |
3,747.9 |
3,753.5 |
3,591.5 |
| Federal |
|
1,635.5 |
1,609.2 |
1,501.8 |
1,419.2 |
1,423.5 |
1,347.3 |
|
National defense |
|
928.4 |
904.0 |
881.3 |
852.4 |
846.7 |
793.6 |
|
Consumption expenditures |
|
726.0 |
713.0 |
700.5 |
676.5 |
677.9 |
637.4 |
|
Gross investment |
|
202.4 |
191.0 |
180.9 |
175.9 |
168.8 |
156.2 |
|
Nondefense |
|
721.7 |
659.7 |
598.8 |
576.8 |
540.9 |
516.2 |
|
Consumption expenditures |
|
503.0 |
533.8 |
461.0 |
420.8 |
436.1 |
419.5 |
|
Gross investment |
|
204.1 |
171.4 |
159.5 |
146.0 |
140.6 |
134.2 |
| State and local |
|
2,811.3 |
2,551.6 |
2,357.8 |
2,328.7 |
2,330.0 |
2,244.2 |
| Consumption
expenditures |
|
2,341.1 |
2,106.9 |
1,916.5 |
1,897.8 |
1,904.5 |
1,847.4 |
| Gross
investment |
|
470.2 |
444.6 |
441.2 |
431.0 |
425.4 |
396.8 |
| |
|
|
|
|
|
|
|
| Addenda: |
|
|
|
|
|
|
|
| Final sales of domestic product |
|
25,586.8 |
23,334.2 |
20,953.3 |
21,384.1 |
21,358.8 |
20,525.5 |
| Gross domestic purchases |
|
26,715.2 |
24,176.8 |
21,544.9 |
22,043.7 |
22,058.8 |
21,218.4 |
| Final sales to domestic purchasers |
|
26,557.9 |
24,195.9 |
21,604.5 |
21,994.6 |
21,990.6 |
21,163.7 |
| Gross national product |
|
25,926.0 |
23,488.2 |
21,116.1 |
21,702.9 |
21,723.2 |
20,848.1 |
| Net domestic product |
|
21,444.2 |
19,483.5 |
17,317.8 |
18,012.3 |
17,964.1 |
17,288.8 |
|
